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Regulatory Updates

IRS Makes Changes to Plan Correction Program

IRS Makes Changes to Plan Correction Program

The IRS has released Revenue Procedure (Rev. Proc.) 2021-30, which contains significant updates to the Employee Plans Compliance Resolution System (EPCRS).

COVID-19 News

Understanding the CARES Act: Contribution Deadline & Defined Benefit Funding Relief

Contribution Deadline and Defined Benefit Funding Relief. Some contribution deadlines have been extended and certain defined benefit (DB) plans are eligible for funding relief.

A Message to Our Friends and Partners

On behalf of all of us at FuturePlan, we extend our wishes for a full recovery to those directly affected by COVID-19, and our deepest sympathies to those who have lost loved ones. Our heartfelt thanks go out to the medical professionals, first responders, and essential workers who are saving lives and sustaining our communities.

Message from David Musto, CEO of Ascensus

It’s safe to say that the environment in which we’re living and coping today is unlike any most of us have seen in our lifetimes. Worry for our own health and that of our loved ones, challenges to the operation of virtually every type of business, social distancing, travel restrictions, and startling global financial market volatility sometimes feel beyond our ability to process.

Pandemic Preparedness and Response Statement

As a business division of Ascensus, FuturePlan has maintained a Pandemic Preparedness plan since day one. It is one component of our larger Business Continuity planning process.

FuturePlan Supports Small Businesses

Small businesses are the backbone of the American economy. With these businesses and their workers bearing the brunt of the hardship associated with the coronavirus (COVID-19) pandemic, it’s incumbent on the financial services industry to do whatever we can to support them. Many believe that this support will come mainly through federal relief, and that smart legislation—providing financial stimulus and other appropriate relief—will help right the ship.

Our COVID-19 Response

At Ascensus, we consider the safety and wellbeing of our clients and associates to be paramount. Our service and leadership teams have been closely monitoring the global spread of COVID-19 and have been making proactive adjustments to our operations in order to ensure the continued service and expertise you count on.

Regulatory Updates

Proposed Bill Would Create Portable Retirement Accounts

Representative Jim Himes (D-CT) and Senator Mark Warner (D-VA) have announced legislation to establish universal, portable retirement accounts.

Updated Yield Curves and Segment Rates for DB Plans

The IRS has issued Notice 2021-54, which contains updated guidance on factors used in certain DB pension plan minimum funding and present value calculations.

Proposed IRA Restrictions in House Budget Reconciliation Amendment

Proposed House Budget Reconciliation Amendment Includes IRA Restrictions

PBGC Issues Interest Rate Assumptions for DB Plans

The PBGC has issued updated interest rate assumptions for benefit payments in terminating single-employer DB pension plans.

DOL Releases Proposed Revisions to Form 5500 Reporting

The DOL’s EBSA, in conjunction with the IRS and PBGC, have released proposed forms revisions modifying requirements for Form 5500, Annual Return/Report of Employee Benefit Plan, reporting.

Deadline Relief for Hurricane Ida Victims in Pennsylvania

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Pennsylvania.

Deadline Relief for Tropical Storm Fred Victims in North Carolina

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Tropical Storm Fred in North Carolina.

Deadline Relief for Hurricane Ida Victims in New Jersey

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in New Jersey.

Deadline Relief for Hurricane Ida Victims in Mississippi

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Mississippi.

IRS Priority Guidance Plan Includes Retirement Items

The IRS has issued its initial 2021-2022 Priority Guidance Plan, in which it describes guidance projects in the current fiscal year.

Health and Benefits Updates

Guidance on Premium Assistance for COBRA Benefits

The IRS has issued Notice 2021-46, which provides additional guidance affecting the application of the American Rescue Plan Act of 2021 on COBRA continuation coverage.

Several Health Savings Bills Proposed

Senator Ben Sasse (R-NE) recently introduced two bills aimed at providing more flexibility for the use of health savings accounts (HSAs).

Supreme Court Leaves Affordable Care Act In Place

On June 17, 2021, the United States Supreme Court held that the plaintiffs did not have standing to pursue an action under the Patient Protection and Affordable Care Act (PPACA).

IRS Provides Additional COBRA Premium Subsidy Guidance

The IRS issued Notice 2021-31, which provides guidance affecting COBRA premium assistance pursuant to the American Rescue Plan Act of 2021 (ARPA). 

IRS Provides 2022 Amounts for HSAs and HRAs

IRS Revenue Procedure (Rev. Proc.) 2021-25 provides the 2022 inflation-adjusted amounts for HSAs and the maximum amount that may be made newly available for expected benefit HRAs.

IRS Notice Addresses Taxation of Dependent Care Benefits

The IRS released Notice 2021-26, which addresses the taxation of dependent care benefits available during taxable years ending in 2021 or 2022.

IRS Guidance Affects Employment Taxes

The IRS issued Notice 2021-24, which provides guidance following the passage of the American Rescue Plan of 2021 (ARPA).

Additional COBRA Premium Assistance Guidance Under ARPA

The DOL has issued additional COBRA premium assistance guidance under the American Rescue Plan Act of 2021.

Deadlines for Tax Filing and Certain Contributions Confirmed

The IRS makes official the previously announced delay of the April 15, 2021 federal income tax filing due date for individuals for the 2020 tax year to May 17, 2021. 

New Guidance on PPE as Medical Expense

The IRS has indicated that amounts paid for PPE that are primarily used to prevent the spread of COVID-19 are treated as amounts paid for medical care. 

FuturePlan Blog

Intac and FuturePlan: Welcome to Our Growing Family

Intac’s company name will officially change to FuturePlan at the end of August. Read about how we’re creating that future together.

Why Benchmarking Plan Administration is Mission Critical

Financial advisors and plan sponsors routinely benchmark their 401(k) service providers, but rarely apply the same process to plan administration. This is an unfortunate missed opportunity, since the quality and expertise of your plan administration provider (typically a TPA firm) is critically important to the success of the plan. 

Becoming FuturePlan: A Personal Story from One TPA’s Journey

Almost three years ago, our RSI leadership team embarked on a new adventure: selling the firm we built from scratch. We wanted to ensure the future of our partnerships, clients, and talented associates was bright – filled with growth and opportunity.

3(16) Fiduciary Services: What’s All the Hype About?

3(16) fiduciary services are one of the fastest growing sectors of the retirement plan industry today, but why do these plan administrators exist? We cover that in this post.

The Basics of Prevailing Wage & The Davis Bacon Act

Prevailing wage was established under federal law by the Davis-Bacon Act of 1931. The act mandates that contractors and subcontractors must pay their workers an hourly prevailing wage when working on any federally-funded construction project in excess of $2,000.

Thought Leadership

Fixing Compensation Failures

One of the most common plan failures we see is the use of the wrong definition of compensation for plan contributions. A failure like this can be expensive to fix, but also easy to avoid. This article will address options to fix the plan, as well as ways to avoid this issue.   

Fiduciary Myths and Misconceptions in the Market

There are a lot of misunderstandings in the retirement industry regarding fiduciary services and 3(16) plan administrators. Why do they exist? What do they do? How do you find a good one? We’ll answer these questions and address some myths in this post.

Payroll Data: The Source of Plan Errors

In our previous post, Fiduciary Market Myths and Misconceptions we discussed a few misunderstandings in the market and shed light on them. The last misconception, "recordkeepers will check payroll data for accuracy" (they do not), is one that leaves the remaining question for plan sponsors: can they really ensure their payroll data is 100% error free?

News

FuturePlan by Ascensus Appoints Aaron McIsaac as Divisional Vice President for Southern California

Experienced Sales Leader Will Continue to Oversee Organization’s Northwest/Central Region

FuturePlan by Ascensus—a leading national retirement third-party administrator (TPA) that specializes in the delivery of customized retirement plan consulting and administration services—announces that Aaron McIsaac will assume divisional vice president (DVP) responsibilities for the organization’s Southern California region as a result of DVP Greg Taylor’s planned retirement. The change is effective June 30, 2021.

FuturePlan by Ascensus Expands Sales Team

Jay Hollis, John Krzeminski, and Lou DePonte Join Organization to Facilitate Continued Institutional Growth and Offer Enhanced Regional Support

FuturePlan by Ascensus Appoints Mark Wiggins as Divisional Vice President for the Southeast and Southwest Regions

FuturePlan by Ascensus is pleased to announce the appointment of Mark Wiggins as divisional vice president (DVP) for the Southeast and Southwest regions, which are key growth areas for the FuturePlan organization.

Teresa Hassara Named President of FuturePlan by Ascensus

Ascensus is pleased to announce that Teresa Hassara will join the company as president of its FuturePlan by Ascensus line of business effective April 12, 2021. 

Frequently Asked Questions

Late Deferral Deposits – What are the Rules, Exactly?

Some employees carefully watch their deferral contributions with each paycheck as they go into their 401(k) or 403(b) plan account. After all, it is their money – wages they’ve set aside to be paid later! But how quickly must the deposit be made? Employers often misunderstand the deposit timing rules for employee deferrals. In this article, we will explain the rules, exceptions, and consequences, along with the options available for fixing late deposits.

Trending Topics

Contribution Allocation Options

Flexible plan designs with varying contribution allocations can help business owners manage costs and tax efficiency, since they can be set aside in lean years.

Qualified Birth and Adoption Distribution (QBAD)

FuturePlan provides an overview of this new SECURE Act provision with questions pending IRS guidance.

SECURE Act and Potential Tax Credits: What You Need to Know

Discusses two tax credits available to some small employers through the SECURE Act.

CARES Act and the Paycheck Protection Program (PPP)

Outlines program details, eligibility, and loan terms.

Guide to Coronavirus-Related Distributions, RMDs and Loans

FuturePlan provides an overview of Coronavirus-related distributions (CRDs), along with expanded RMD and loan options based on the CARES Act.

COVID-19 and Safe Harbor Plan Changes

Helpful guide and key timing considerations for plan sponsors needing to amend safe harbor contributions.

Understanding Changes to Matching Contributions

Resources and FAQ to help plan sponsors reduce or suspend matching contributions in response to business disruption.

Options for Paying Expenses from Plan Assets

FuturePlan reviews a range of options for paying retirement plan-related fees from plan assets and reduce expenses during the downturn.

Covid-19 Impact on Cash Balance and Defined Benefit Plans

An overview of legislative changes and plan design options for plan sponsors of Cash Balance and other defined benefit plans.

Market Adjustment Impact on Balance Forward Plans

Understanding the special considerations required to manage balance forward plans during market fluctuations.